Mogul Seeks To Avoid Execution In Vietnam Biggest Fraud Cas
Bloomberg2 days
Vietnam Court Upholds Tycoon's Death Sentence in $12B Fraud
Above: Vietnamese property tycoon Truong My Lan (C) looks on at a court in Ho Chi Minh City on Nov. 4, 2024. Image copyright: STRINGER/Contributor/AFP via Getty Images
The Facts
Vietnamese real estate tycoon Truong My Lan's appeal against her death sentence for her role in Vietnam's largest ever financial fraud case was rejected by the High People's Court in Ho Chi Minh City on Tuesday.
The 68-year-old chairwoman of Van Thinh Phat Holdings Group was found guilty in April of embezzling $12.3B through secret control of Saigon Commercial Bank over a decade, allegedly through the use of a network of shell companies.
The Spin
Narrative A
Lan's actions severely impacted Vietnam's financial market and economy, and affected many aspects of society, with damages amounting to 6% of the country's GDP. The consequences of this fraud are unprecedented and unrecoverable, justifying the maximum penalty unless Lan is able to return a sizeable portion of the assets she stole.
Narrative B
While Lan's crimes are indefensible, the imposition of the death penalty remains archaic and unjustified. Despite numerous guilty verdicts in connection to the case, no other individual has been sentenced to death. This likely makes Lan's penalty an act of symbolism rather than justice, and Vietnam should think twice about the precedent this sets for punishing white-collar crimes.